THE 10 COMMANDMENTS

It is not unusual for a mortgage company to check your credit the morning of closing, just to make sure your credit status hasn’t changed. Once you have applied for a Real Estate Loan, breaking any of these 10 “commandments” may result in the loss of the loan, your new home, and possibly your earnest money. After closing, these “commandments” will no longer apply.

1. 1. 1. 1. 1. 1. 1. 1. 1. 1. 1. Thou shalt not change jobs, become self-employed, or quit your job.

                              2. Thou shalt not buy a car, motorcycle, truck, or van (or you may be living in it!).

                              3. Thou shalt not use charge cards excessively or let your accounts fall behind.

                              4. Thou shalt not spend money you have set aside for closing.

                              5. Thou shalt not omit debts or liabilities from your loan application.

                              6. Thou shalt not buy furniture, televisions, or any other “big ticket” items.

                              7. Thou shalt not originate any inquiries into your credit, or open new lines of credit.

                              8. Thou shalt not make large deposits without first checking with your loan officer.

                              9. Thou shalt not change bank accounts.

                              10. Thou shalt not co-sign a loan for anyone.